HMRC has decided to be a little bit nicer and cut the interest rate they charge on late tax payments. This comes after the Bank of England snipped the base rate down a tad, from 4.75% to 4.5%. From the 17th of February, if you’re late paying your taxes, you’ll be charged 7% interest instead […]

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Selling a house? Keep more of your money with these tax-saving tips for your next home purchase Here’s the scenario: You’ve sold your primary residence and are holding the proceeds/equity you earned (often a substantial sum between £100,000 and £500,000 or more) in a savings account while searching for your next home. Given the current […]

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UK inflation has risen to 2.6% in the year to November 2024, driven by higher prices for fuel, clothing, and entertainment, according to the Office for National Statistics (ONS). This unwelcome news puts further pressure on freelancers and the self-employed already struggling with the rising cost of living. “These new inflation figures should act as […]

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HMRC’s reduced interest on late payments hides the refunds “elephant in the room” says one contractor sector specialist The UK tax authority, HMRC, recently announced a reduction in the interest rate charged on late tax payments, effective from the 18th of November. This change, from 7.5% to 7.25%, follows the Bank of England’s decision to lower […]

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Self-Employed Workers Face Steep Penalties as Crucial Tax Deadline Looms Millions of self-employed individuals face a rapidly approaching tax deadline that could result in significant financial penalties if missed, warns tax insurance provider Qdos. The deadline of July 31st marks the due date for the second ‘payment on account,’ a system that splits annual tax […]

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Freelancers should prepare for more bad news to hit the economy later this year. The good news is, there are actions freelancers can take now to get ahead The latest employment and wage figures from the ONS could spark the Bank of England to raise interest rates again in an effort to bring down consumer […]

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Freelancers are going to have to work more or smarter or both to keep the lights on A Bank of England rate-setter, a Goldman Sachs strategist and an analyst from the Centre for Economics and Business Research walk into a bar. What do they all have in common? They are all preparing us for the […]

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Freelancers and small business owners looking to apply for business loans and credit cards this year can expect to see less competitive rates and even less funding, finds a report Small business lending is not looking rosy in the UK. That development has little to do with the health of the companies looking for funding […]

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